Savannah morning news. [volume] (Savannah) 1868-1887, 1887-02-04
OLD WORLD PANICS.
Prices Take Terrible Tumble in
London, Paris aud Berlin.

a'OAiAphs tAhNA
LONDON, Feb. 3.-Qulte fall In the
price of consols occurred this afternoon.
Consols for money closed at 997s and
for account at 100, decline
OF 1l-l6 and VI from the opening.
There was intense excitement on the
Stock Exchange all the afternoon, and at
the close of the market a panicky feeling
prevailed. The unfav0Table state OF the
market was due chiefly 20 reports Of
heavy failures on the Paris Bourse and
to rumOr that large banking instltu-
ton in Berlin had collapsed.
WILD TOWARD THE CLOSE.
The panic on the Stock Exchange sc t
in with the greatest force in the after
noon. Earlier in the day English buying
met the continental rush to sell, but later
alarm seized the English operators, and
the torrent of sellers became so great that
dealers refused to make prices. The
widest rumOrJ were credited, and
the best home and foreign securities
were largely sold Business continued
active in the street until the pcLIte
BOurse quotations were received, which
showed that the panic was intensifylng on
the continent and caused depression and
anxiety at the close. Reckless selling
! of railroad securities was partialiy V
checked BY New York buying. Besides
English orders Berlin and Paris threw
large masses OF stock on the market. The
days decline include the following: Gem
| tral Pacific and Wabash general mort
gage ~, Atlantic Trst mortgage "a, Wa
basn preferred IA, Denver preferred "a,
Union Pacific y. Louisville and Nash.
vile l36, OniO and Mississippi u, New
York, Ontario and Western, ana Lake
shore =, Grand Trunk seconds 24, Grand
Trunk thirds l5s. In English railways
Great Northern fell 81, and Chatham
seconds D. Taken altogether it was
the worst time that the Stock EXCHANGE
has seen for many months.
GERMANY's FINANCIAL CONDITION.
BERLIN, Feb. IA rumor of the rails
ing OF q German loan WAS based upon the
TACT that a conference was held between
the Secretary OF the Treasury and Prince
Bismarck to-day. 1t has transpired that
the government has available nearly 100,-
100000 marks, which was voted tor home
purposes but not spent This will prob
ably be used for military purposes.
On the BOurse to-day semi-panic pre-
vailed. The financial advices from Paris
increased the confusion and alarm and
the fall in prices was unchecked to the
close. Dealings were not numerous. as
only brokers whose credit was OF the high
est class could operate freely. Prussian
3 per cent, and Russ an ~ per cent.
Credit Anstalt declined 10 marks.
RENTEs DECLINE. .,,l
PARIS, Feb. 3.-Three per cent. rentes
declined THIS morning, and at 1 80 O'clock
this afternoon were quoted at 7If., a fafl
of Of II. and 45c. from the closing quo.a-
tlon yesterday. .If1f
At 2:3O O'Clock this afternoon Q per
cent. Tentes had fallen to 76t and Soc.
There was almost an entire suspension Of
operations on the B0urse. o.h.
The BOurse to-day opened depressed.
Besides the political rumOrs ana general
financial mistrust, the suspension OF all
credit made the transaction OF business
almost an impOssibllIty Tue memb bers
OF the "COulIsse" practically refused
credit dealings, and the last prices were
therefore in many instances nominal.
Italian rentes were largely offered, but
found few buyers. After official hours
they were nOminally quoted at 90f. l0c.
against 93f. 400. yesterday. Three per cent.
rentes for money fell q. and 9Oc., and for
account n. aud SOC. Credit Fonoier IL
down 7jf., sue1 canal shares ST., Otto
man bank III, Panama canal r. soc.
The opinion prevails that unless the
hanks and great capitalists come to the
relief OF the market disastrous failures
are inevitable.
RUSSIA HOLDING HER HORSES.
ST. PETERSBURG, Feb. 3.--The govern
ment has forbidden the expectation of
bOrses from Russia.
The French government has made large
purchases of Russian oats for tne use OF
the French cavalry, and has chartered
number Of steamers 10 convey them from
HalLic norris 10 Franco.